This memorial website was created in memory of our beloved father, brother, husband, friend and writer, Richard Lion Russell.  Richard was the founder, author and publisher of Dow Theory Letters for 57 years.  

Feel free to post a "tribute" below.

Articles and extended tributes by other financial writers can be found under the "stories" tab.  

The video of the "Tribute to Richard Russell" event in 2009 can now be seen, in sections, under the "Gallery" tab in "Videos." The videos play best in Chrome or newer browsers.

Thank you for visiting! 

Posted by Matt Murphy on July 30, 2021
Richard, I miss your wisdom and stories. Thank you for the talks about Emmet Fox. i started reading him because of you and it was a lifesaver. Thank you for having that inspiration to write about more than just the finances. You were a blessing. To your family, I wish peace during these milestones that pass without your presence.
Posted by Povy Bigbee on July 24, 2021
One man could tell the stocks would hold,
And often added,"Get your gold!";
One man could map the upward climb
And estimate a steep decline;
But he now he publishes elsewhere,
Above us all and we are left to care.
Posted by Robert Weir on July 23, 2021
Miss the WW2 stories and the gold ideas
Posted by Ellen Sandles on July 22, 2021
I remember you writing that you wanted to stay around “so you could see what happened.” I trust you’re watching and watching out for all of us. Thank you.
Posted by Tom Chilcote on July 22, 2021
Richard, missing you, your insights and wonderful stories always. I decided to start chelation therapy as you did so many years ago.

Tom Chilcote
Posted by David Farb on July 22, 2021
A wonderful brilliant man greatly missed
Posted by Povy Bigbee on December 5, 2020
You have been gone five years, but w can count a full fifty years of your advice, still growing, still safe for our grandchildren. What you gave us cannot be repaid except by doing it again in the next generation.
Posted by Matt Murphy on December 4, 2020
Wow! Five years since the mighty oak fell.

Richard helped me immensely by his writings and introductions to Emmet Fox. His newsletter was more important than mere investing. Thank you Richard and may you be at peace in the afterlife. Amen
Posted by Robert Weir on November 21, 2020
Still missed. And wishing he was here
Posted by Tom Chilcote on November 21, 2020
Richard, on this day, the date of your passing we miss you dearly. This is my mother's birthday too, and she passed three years ago next month. She always appreciated the things you wrote. She was a great stock picker, I wish I had yours and her market insights.

Rest in peace my friend, thanks for the fond memories.
Posted by Paula Hauer on November 21, 2020
Hard to believe it's been 5 years, Richard, since you passed and what a 5 years it has been. Sorely wish you were here right now to comment on the extraordinary events of these times...Trump, Covid, Gold (!),and the whole darn mess! Was just looking at some photos last night. Your kids and I miss you very much!
Posted by Ellen Sandles on July 25, 2020
Richard, my Mom who followed you for years and introduced me to your newsletter, passed away in late May (non-Covid). When we would talk about the gold market - she followed your advice and bought in at $300 - she would often remark how she missed your newsletter, written in plain English for regular folks. Now I miss two people from “the Greatest Generation” - you and she. Thank you for all your wisdom, and years of sharing it with us.
Posted by Matt Murphy on July 22, 2020
Richard's wisdom extending far past mere financial advice. He was the first to introduce me to Emmet Fox for spirituality.

His outlook on life and his interest in a higher calling was much needed in today's world. Thank you Richard.
Posted by Tom Chilcote on July 22, 2020
Happy Birthday...miss in peace.
Posted by George Glass on July 22, 2020
Really miss his sage advice!
Posted by Robert Weir on July 22, 2020
My goodness at times like this I wish we could still have your wisdom.
Thanks to you and your gold ideas I never sold any
Posted by Povy Bigbee on November 21, 2019
Just last week was able to sit with young man who came to help us stay in shape (!) who said he wanted to learn about investing. What an opening for a synopsis of Richard, PTI & the different markets. Thanks again Richard!
Posted by George Glass on November 21, 2019
I really miss his advice relative to gold. I was a very long time subscriber. Very sorry he no longer with us.
Posted by Bob Cederdahl on November 21, 2019
Way back in 1972, there were others. But you, and you alone, paved my path on the way to understanding stock and gold & silver markets for those who would tune in. I listened & acted. I waited for each & every letter for many years since then. Your wisdom and REAL knowledge of the markets was truly extraordinary. Thanks God , for for our wonderful connection leading to group meetings with you, Richard. There were none better than you . . . count on that!
Posted by Tom Chilcote on November 21, 2019
Here we are four years ago we said goodbye. Lots has happened...Trump elected and now his detractors want to remove him. The market has gone bonkers to new highs gaining 25% this year. We all miss you and your thoughts. Blessings to you and your family. Rest in peace.
Posted by Ellen Sandles on July 26, 2019
Mom and I are missing you as we just watched Gold break out above $1400. Wishing you were here.
Posted by pat reynolds on July 22, 2019
I never met Richard but he was my friend. I read him as a young stockbroker and now im 74 I rode Harleys and I loved gold He even emailed me back once in a while. I learned to be patient from Richard and to look at the big picture. I miss him dearly but I wonder what he would think about golds sudden surge. watch over us Richard
Posted by Tom Chilcote on July 22, 2019
Seems like it was not so long ago I was reading your commentaries. I miss your WWII stories and of course your sense of humor. Is nice to have good memories of you and your guidance in the markets. Rest in peace always.
Posted by Soumen Sanyal on December 11, 2018
Richard was my friend, mentor and guide. He changed the way I thought and saw the world. His curiousity on life and the after life was monumental. Everyday since 2001, I looked forward to his writings. They were so profound and had a huge impact on me. I miss him terribly and I think of him often. Thank you so much for sharing everything with us.
Posted by Mike Doering on November 27, 2018
Yesterday I went to this website: "Old Jews Telling Jokes". I go there sometimes. I like jewish humor and I liked Richard's jokes. I am a goy, ok? Anyway, the first one up is this woman. She begins with a waiter walking up to a table with 4 older jewish women sitting at it. It is in Manhattan. The waiter gets their attention, then says: "So tell me ladies, is anything all right?". That was Richard's joke. I told it to my Brit friends and it went all over town.
Posted by Steve Wolfe on November 21, 2018
To this day, I keep a copy of Richard's classic "Rich Man, Poor Man" column in my investment folder. When uncertain about what to do in the market, or when I need reminding about what not to do, I always pull it out and read it for guidance. That simple, common sense column is a work of genius. It has served as my investing beacon for years. Thank you, Mr. Russell. You are missed. And all of us owe you a debt of gratitude for your service to our country during WWII.
Posted by mychal angelos on November 21, 2018
I just reread all the earlier tributes of Richard.
What more can I possibly add?
For me he was a constant companion at my side, advising me, teaching me, and sharing his experiences.
I deeply miss him.
Rest in peace, Richard.
Posted by Tom Chilcote on November 21, 2018
Miss reading the helpful insights from Richard's wonderful perspective. The financial world seems to be entering a time of turmoil/anxiety... and ultimately a long bear. Wonder what his thoughts on Trump would be?
We continue to miss his insight, wisdom, and historical perspective. May the Lord grant you peace.
Posted by Scott Luster on July 22, 2018
I often wonder how “The Dean” would feel about today’s risk climate; Dow Theory Sell Signal, elevated optimism and political derision unlike anything I’ve ever seen. As a fellow jazz fan, he once commented on a “comer” Alecia Keys. Now look at her! I miss his insights. My best to his family.
Posted by Nancy Powell on July 22, 2018
Another year without Richard Russell leaves us incomplete. One of my
greatest regrets is that I didn't go to the big celebration they had for him
a few years before his death....and then again when he invited people to
visit with him in San Diego. Alas I was living in N.C. and that was an impossibility. Richard Russell was a big part of my life and I shall be
looking for him in spirit. "That which is likened unto itself is drawn"....
Thank you for this heartfelt reminder. Love you Richard. Always will.
Posted by Ellen Sandles on July 22, 2018
The debt, manipulation and partisanship has only gotten worse, not better. Really missing your insights and words of wisdom during times like these. 
--Ina and Ellen Sandles
Posted by Matt Murphy on November 29, 2017
I will always be grateful for Richard introducing me to the works of Emmet Fox. Thank you Richard. Those works were a life-saver and amazing.

Although I respected his investment advice, this life advice was worth the subscription each year. This is the better riches that were obtained.
Posted by Robert Weir on November 21, 2017
I loved his analysis, PTI, philosophy, and war stories.
I miss RR
Bob W
Posted by Tom Chilcote on July 22, 2017
Missing all the wisdom from Richard. Wondering what he would think about the market today with it being at new highs. Miss all the WWII stories and his long-term perspective.
Posted by mychal angelos on July 22, 2017
I miss your wisdom and your remarkable investment knowledge.
I hope you are mentoring in some other world.
Mychal P.Angelos, al long time subscriber
Posted by Ellen Sandles on July 22, 2017
Still remember certain words and warnings he gave, and wishing he was around now with his wise comments.  --Ina and Ellen Sandles
Posted by Povy Bigbee on January 28, 2017
The Dow Theory Letter guided us from the late 60's until Richard's death. We still remember the first issue by mail, the first by eMail and the last sad notice. By advising this family he touched ranching, logging, legislating, land restoration and farming along with the investments we own, and our gold coins. Thanks are never enough.
Posted by Ellen Sandles on November 25, 2016
We really miss you!  --Ina and Ellen Sandles
Posted by Sharon Heininger on November 21, 2016
Been a long time subscriber and wish to pay tribute to a notable and courageous person. Still appreciate the relevance of your legacy the Dow Theory Letter. Richard it is my hope that you are looking down on us with smiles!
Posted by Nancy Powell on November 21, 2016
There is no doubt that Richard Russell is forever in my heart. I still
carry a little note he wrote to me many years ago. It is beyond words
to love someone we've never met....that is how I felt about Richard
Russell. He was a giant not only among men, but among his peers
whose knowledge could not compare to Richard's understanding not
only of the markets, but about life. I loved the way he thought. When
I read one of his letters before his passing, I knew he was leaving...he
made a comment to his daughter, something about, "what's the point?"
His zest for life over the years was inspiration. But he was getting tired and this old world misses him beyond measure. So I talk to him in the
cosmos and I say, "I hope to meet you the next go around"...Love you
Richard Russell
Posted by Robert Weir on November 21, 2016
I always enjoyed his WW2 stories, philosophy and love of Harleys.
His PTI and daily thoughts were a must read for me.
I miss him
Bob Weir
Posted by Geoff Lewis on September 28, 2016
My grandfather, who flew in WW1, loved the markets and market theory. He made and lost a good deal but ended up a disciplined and successful investor. His son, my father, was a subscriber of Richard's DTL's from the 1960's. He too, had the 'bug' and loved the puzzle of the markets. Ever since I can recall coming of age as a baby boomer in the 1970's, Richard's thoughts and opinions were always part of the investing conversations that Dad and I delighted in and shared. When Dad was ill and passed away in April of 2015 we kept talking about the market right to the end, with much laughter and mutual enjoyment. We also marvelled at Richard's wonderful long run and ability to work so late into his life. I will miss Richard and his advice - and the pleasure he gave Dad and I in batting around his ideas, especially in those delicious times when he was a contrarian and also profitably correct! My belated condolences to his family and friends.
Posted by Sharon Heininger on July 22, 2016
Missing your words of wisdom. As a longtime subscriber to your newsletter, Richard, I am touched by not only your wisdom, but your courage. "Lion" is an appropriate middle name for the Man who had the courage to prevail through the many adversities and milestones of life and not forget the importance of family. I wish you peace and happiness in a place where you no longer suffer.
Posted by Tom Chilcote on July 22, 2016
As the various markets go up and down, I wonder how Richard would interpret them. I try to always remember the markets dictate what will happen and how we need to let them tell the story instead of reading into what we think is happening. Thanks for the memories.
Posted by Cap Smith on April 27, 2016
Like many of you I was a long-time reader of the Letters. Richard was a positive influence on my life in several ways. I appreciated Richard’s stories of his experiences in WWII, in part because my father shared the same experiences but would never talk of them. I benefited financially from Richard’s call of the primary trend in 2007, after I ignored him in 1999. As a scientist, I gained insights by searching for some grounding truth behind the “Dow Theory;” and although I count myself a skeptic I am better off for the journey of discovery that was prompted by Richard’s writings. Finally, I marveled at Richard’s eclectic interests, and remain inspired to match them in some small way. Thank you, Richard, for these many blessings.
Posted by Jackie Rosner on April 8, 2016
I am so deeply saddened by the news of Richard's passing. I was a subscriber to Dow Theory Letters for many years, since 2005. Although I never met Richard, I felt like I knew him from reading his letters. He was a brilliant man, with a unique insight on the markets and on life. I miss his wonderful and candid stories of growing up in New York City in the depression era, his experiences as a bombardier in WWII, and his overall common sense. With his passing, the world loses an important chapter of our history. Richard was one of a kind. The world is at a loss without him and his powerful insights.

I sincerely offer my condolences to Richard's family and to the staff at Dow Theory Letters, for your heavy loss.

Jackie Rosner
New York City
Posted by mike doering on January 12, 2016
I kind of miss you, Dick. I am not sure that I was ever really ok with you, but mostly I feel like I was. Sometimes we have to take a leap.I think you and I had reached a begrudging and quiet admiration for each other in certain ways, and in so doing, I think you kind of got used to me and approved of me in certain ways. We had an honest relationship, like rivals who got used to each other. I kind of miss the dinners and just the general feeling that you were there, somewhere, in the background, lending support. You were a great provider for everyone in your family, beyond dollars and beyond time. I cannot say that in 30 years you and I ever had a long talk, but it was always cordial. I always thanked you for everything and you always said the pleasure was yours. I appreciate that, looking back now, and I appreciate all you did to help Daria and the kids, over and over again. And I do mean, over and over again. It was a pleasure, Dick. The pleasure was all mine.
Posted by robin ford on January 6, 2016
Richard Russell was the best 'advice giving' uncle i ever had...and he wasn't even my uncle !...big smile to you and Thank You for all the wisdom (life and financial) and levity we all got from reading your writings ~~~

Thank You also for going to the 'other side' at this very important moment in time to help us all on planet earth complete the most important divine mission of our time ~~~ Carry On In Peace ~~~
Posted by Claire Drullard on January 5, 2016
I have read Dow Theory Letters since 1970's. I e-mailed Richard this toast for his 79th birthday in 2003, and it remained valid for the rest of his life: To a brilliant man of rare integrity and wisdom, whose life has made a wonderful difference to so many for so long..a grateful and rewarded subscriber. I suggested in another e-mail that a book be compiled of his extraordinarily insightful, philosophical writings, for example on Truth, Soul Mates, Women, Einstein, Jews, human nature, and his autobiographical writings -- all written in an interesting, thought-provoking, entertaining manner. I hope that someone, perhaps a family member, might still do something like this. My condolences to all.
Posted by Stephanie Sprague on December 31, 2015
Hello - I just heard about your father's death and I am so sorry. Richard had a profound influence on my career. I first stumbled across his newsletter at the Chicago Mercantile Exchange's Library as a novice reporter for Reuters in the the 1990s, and I was hooked! I loved how clearly he could articulate his thoughts and I appreciated how he never showed off with too-clever arguments or jargon. He loved truth and beauty whether he was talking about competitive currencies or his cacti garden or his spiritual journey. I loved reading about all of it and I shall miss him. Thank you, Richard, and my condolences to his family. Stephanie
Page 1 of 4

Leave a Tribute

Recent Tributes
Posted by Matt Murphy on July 30, 2021
Richard, I miss your wisdom and stories. Thank you for the talks about Emmet Fox. i started reading him because of you and it was a lifesaver. Thank you for having that inspiration to write about more than just the finances. You were a blessing. To your family, I wish peace during these milestones that pass without your presence.
Posted by Povy Bigbee on July 24, 2021
One man could tell the stocks would hold,
And often added,"Get your gold!";
One man could map the upward climb
And estimate a steep decline;
But he now he publishes elsewhere,
Above us all and we are left to care.
Posted by Robert Weir on July 23, 2021
Miss the WW2 stories and the gold ideas
Recent stories

College/Wartime Letters from Richard to my Dad

Shared by Laurence Hirsch on August 13, 2018

Hi, my father Herbert Hirsch was a high school classmate of Richard at Horace Mann. He passed around the same time as Richard. In going through his belongings I found a box stuffed with letters he received during World War 2 while he was both ROTC at Brown and serving overseas. Some of them are from Richard. They are well written, jocular and provide insights into these two young men. I would be happy to share them with any interested family members. I can be reached at My condolences on your loss. Laurence Hirsch

Times Square billboard:

Shared by Daria Doering on February 2, 2016

Click on photo to see Richard Russell on PR Newswire's billboard in Times Square in Manhattan.

from Mary Anne and Pamela Aden, The Aden Forecast

Shared by Daria Doering on January 26, 2016


From The Aden Forecast – December 9, 2015

Our dear friend Richard Russell passed away on Saturday, November 21. He was 91 years old and it came as a sad surprise.


Richard was a person who was larger than life. He was a legend, a pioneer in the newsletter business, highly respected and filled with integrity.

He loved his work and his subscribers. Richard was active right up to the end, still writing his daily comments until days before he passed.

Richard was always very special to us and we’ll truly miss him. For nearly 40 years we’ve been proud to call him our friend and we were big fans even before we met him.


We started reading Dow Theory Letters in 1976 and we loved it. Richard provided his view of the stock market via the Dow Theory method. He also did a lot of research on gold. 

Dow Theory Letters was started in 1958. It was the longest investment letter continuously written by the same person and it was an inspiration.

His analysis was fascinating and we learned a great deal from him, not only about the markets but about life.

He often talked about philosophy, his life, family, his days as a bombardier during World War II and so much more. He basically shared his personal journey with his subscribers.

Like many of his subscribers we enjoyed his war stores. Since our late father was also in WWII, these stories hit home. That’s especially true because our father never discussed the war. Perhaps it was too painful, so hearing Richard’s WWII experiences filled a void in our own father’s past we never knew about.

BACK IN 1978

In 1978 we met Richard at an investment conference in the Bahamas. He was a speaker and we were attendees, and we were honored to talk to him at that conference.

When we told him we were market students he encouraged us to keep at it and this continued throughout our career, over the decades.

He was especially helpful when we started The Aden Forecast in the early 1980s. He was always available to give advice, ideas and tips, and we will forever be grateful.

Last year we attended his 90 year birthday party in La Jolla. It was a happy time with friends and family.


He always loved his family. His kids meant everything to him and he often talked about Daria, Nicole, Betsy, Ryan and Lauren, and his sister Kate.

He was also close to his former wives, especially Connie and Paula. Paula was Richard’s second wife and the mother of Ryan and Lauren. She worked with Richard for 30 years.

This alone says a lot about Richard. They were one big happy family and we were lucky to become friends with his family too.

During his last few years Richard became very spiritual. He was a devout follower of Louise Hay and Emmet Fox. He embraced the philosophy of love and peace, and he passed these words of wisdom on to his subscribers.

Like always, he shared his innermost thoughts. He was open, honest and real, and that’s what everyone loved about him.

Politics, religion, pop culture, global events, jazz, the past and the future... his subscribers knew where he stood on just about everything. And whether they agreed with him or not, they liked hearing his views.

MARKETS: His passion

But the markets were his real passion. As Richard often said... “I’ve spent two-thirds of my life studying and writing about the markets. And I’d say without a doubt the material that has served me best are the books and papers written by the great Dow Theorists -Charles H. Dow, who started the Wall Street Journal in 1889, William P. Hamilton, Robert Rhea and George Schaefer.”

Richard zeroed in on the Dow Theory and this became the basis of his research. Dow Theory is a technical tool that focuses on the primary market trend, or the big picture. It’s also based on market values.

His work came to the attention of Robert Bleiberg, the editor of Barron’s, who published one of Richard’s bullish articles. This created a lot of interest, bringing in hundreds of subscribers, and that’s how Dow Theory Letters was born.

Some years later Richard invented his own Primary Trend Index. This was devised to keep his subscribers on the right side of the major stock market trend. That is, a trend that would generally last at least a year or more.

As you know, we often quoted Richard Russell in these pages. That’s because he was the Dow Theory expert and he had a good track record, identifying some of the biggest moves over the past half century.

In 1958, for example, following his bullish Barron’s article, stocks kept rising until 1966 and he called the top. He advised buying gold stocks in the early 1960s and they surged in the years that followed.

Most impressive, he identified the stock market bottom in 1974 at a time when everyone was scared following its gut wrenching plunge. And he called the stock market top in 1987, prior to the biggest drop in history.

The gold bull market in the early 2000s was another great call. And it was always interesting to talk to Richard about the markets.


Our last correspondence with Richard was three weeks before he died, and we didn’t know he was sick. He sent us a photo that day and he looked good and happy.  (The photo below was taken several years ago in La Jolla.)

We will miss our dear friend very much. In fact, the entire newsletter industry will be mourning the passing of this kind, brilliant, elegant statesman for many years to come.